GOLD FUTURES END LOWER AS FED RATE CUT ODDS DOWN

By Durratul Ain Ahmad Fuad

KUALA LUMPUR, Nov 20 (Bernama) -- Gold futures on Bursa Malaysia Derivatives ended lower today following the release of limited US economic data, with the upside shock immediately pushing December Federal Reserve (Fed) rate-cut odds down from around 50 per cent to roughly 30 per cent.

SPI Asset Management managing partner Stephen Innes said the front-end yields moved higher as traders priced out near-term easing.

“That combination created a mechanical headwind for gold, which tends to soften when growth looks hotter and the policy path leans less dovish,” he told Bernama. 

He said the broader gold narrative remains unchanged, with investors still focused on a 2026 easing cycle, lingering concerns over labour-market softness and private-credit stress continue to provide a quiet, strategic bid under the metal.

Innes said the limited US economic data increases the likelihood that the Fed will maintain interest rates, which generally pushes gold prices down.

The spot-month November 2025 contract fell to US$4,063.30 per troy ounce from US$4,096.40 per troy ounce, December 2025 went down to US$4,080.60 per troy ounce from US$4,113.70 per troy ounce, and January 2026 eased to US$4,098.10 per troy ounce from US$4,131.70 per troy ounce on Tuesday.

The February, April, and June 2026 contracts also settled lower at US$4,114.50 per troy ounce from US$4,148.00 per troy ounce previously.

Trading volume advanced to 59 lots from 44 lots yesterday, while open interest strengthened to 96 contracts from 87 contracts.

Physical gold was priced at US$4,126.95 per troy ounce, according to the London Bullion Market Association afternoon fix on Nov 19, 2025.

-- BERNAMA